GLP-1 users, approximately 7.8 million, have already refreshed their wardrobes for a general style update,  Capstone said, citing 2025 data from the Federal Reserve.  The downstream impact of weight loss drugs on the sector has only begun to materialize, and business owners in the space are expecting to see growing demand throughout 2026 despite inflationary headwinds weighing on consumers. 

While that is the kind of big trend private equity companies like to jump at, most aren't going for it and instead are steering clear of fashion. The number of fashion deals counting private equity as the buyer has fallen 50 percent so far this year, accounting for just 6.7 percent of transactions.

Picking up the slack are the brand management giants, which Capstone said  have accelerated acquisitions, moved upmarket, and helped fill the void. 

 Top brand aggregators include American Exchange Group, Authentic Brands Group, Bluestar Alliance, Marquee Brands, and WHP Global - a cohort that has collectively announced or completed 29 acquisitions in the space since 2023,  the report said.

Lately, the brand management crew has gotten a taste for luxury, with WHP teaming with G-III Apparel Group to cut a deal to buy Marc Jacobs while Marquee agreed to buy Roberto Cavalli. Lower down the price scale, Authentic agreed to buy the Lee denim brand for $1 billion, including a potential $250 million earn-out.

And nobody thinks they're done wheeling and dealing.